Solana (SOL) has experienced one of the most impressive performances in the cryptocurrency market in 2024. Over the past year, the SOL coin has surged nearly 700%, making it the only altcoin in the top 10 cryptocurrency rankings to achieve such impressive growth. This performance has placed it ahead of notable competitors such as Cardano (ADA), Ripple (XRP), and VeChain (VET), providing substantial returns for its investors.
Despite facing a setback in August due to bearish market conditions that temporarily lowered the SOL Coin value, there is growing optimism among traders and analysts that Solana will make a strong comeback in September. Could bull run push SOL to $200 not only by year-end but possibly by the end of next month?
At the time of writing, the Solana (SOL) Coin is trading at $146.94, experiencing over 6% down in 24 hours and over 3% increase in the past week due to a weekend surge. Analyzing the SOL Coin’s performance over the past year shows a consistent upward trend, with only minor dips.
Will SOL Reach $200 in September?
Some market analysts believe the $200 mark is highly achievable in the upcoming month. According to our expert’s forecast, Solana may be positioning itself for another rally, as its technical patterns appear bullish. He noted that SOL might be forming an Adam and Eve pattern on the charts, which could lead to a price increase.
The analyst suggests that the next target is over $200, potentially nearing $220. “If Solana develops the Adam and Eve pattern, it could first rise to $167. If the SOL coin breaks through that resistance, we could anticipate a 33% to 40% jump towards $220!” the analysts stated.
If the forecast turns out to be accurate, investing $1,000 today could potentially grow to $1,380 to $1,400 over a 30 days period. While such a projection isn’t entirely out of reach, achieving this level of growth would require overcoming significant challenges. Solana, in particular, has had a rocky month, experiencing a decline of 20% in its value.
This September 2024 may be promising for the Solana Coin for several reasons. Firstly, the Federal Reserve is anticipated to lower interest rates in the US for the first time in over a year. With inflation showing signs of improvement, a rate cut could create a bullish outlook for the entire cryptocurrency market.
Furthermore, if Bitcoin performs strongly, Solana (SOL) is expected to follow suit. Thus, September could be a bullish month for Solana’s native cryptocurrency and its associated meme coins.
Note: While there is no certainty that SOL will experience a 36% to 40% surge and reach $200 to $220 in the upcoming weeks, potential investors should conduct comprehensive research and analysis on market trends, historical performance, and upcoming developments related to SOL.
Also Read: Shiba Inu (SHIB): How High Will SHIB Surge in September 2024?
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
Praveen got into the world of cryptocurrency in 2017 by trading and investing. With a wealth of experience managing various crypto-related projects, Praveen is deeply passionate about all aspects of cryptocurrency, blockchain, Metaverse, and NFTs.